Age factor: Two proxy advisory firms oppose Anant’s appointment on RIL board

“At 28 years of age, his (Anant) appointment as a Non-Executive Non-Independent Director does not align with our voting guidelines. IiAS recommends voting AGAINST the resolution,” the firm said in the report.

However, IiAS has supported the resolution for the appointment of Anant’s elder siblings – Isha and Akash – both 31 years of age, on the RIL’s board.

International proxy firm Institutional Shareholder Services (ISS) has also recommended shareholders to vote against the appointment of Anant on the board, according to a Bloomberg report.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board,” ISS said in an October 12 note, according to the Bloomberg report.

The firm has backed the board appointments of Isha and Akash Ambani on the board, the report said.

On September 25, 2023, RIL in a postal ballot notice sought approval from members of the company, by way of remote e-voting process for the appointment of Isha, Akash and Anant as non-executive directors of the company.

The e-voting started on September 27 and will end on October 26.

IiAS, in its report, said the appointments of Isha, Akash and Anant are expected to be effective before December 31, 2023.